Last night in London, Dreweatts kicked off an important week of auctions at the major houses with decidedly weak results. At a mere shadow of the £300,800 – 429,400 estimate, their October Urban Contemporary Art Sale realized a total of £166,320 ($258,646) non-inclusive of Buyer’s Premiums, barely half the low end estimate. These lackluster results lie in stark contrast to some of the compelling sales booked during various September auctions, where record results were made at Bonhams Urban Art Sale, MTV:REDEFINE, as well as with the 27th highest Banksy sale ever at Christie’s Post War & Contemporary Art Sale.
In breaking it down further, almost half (31 total) of the 84 lots went unsold, with 22 selling for under their low estimate. Only 10 lots sold for over the high estimate. The remaining 22 lots that did sell, sold within their estimated range, yet tended to either be towards or exactly at the low estimate. Does this sale at all put into question the continued rise in the street/urban markets? Or is this auction more a fluke than anything, ultimately able to overlooked due to poor resourcing and execution?
Check out an overview of the relevant results and some additional perspective after the jump.
The standout lot of the night, perhaps the only one, came from Charming Baker’s Panda Boy Remix, which sold for £35,000 ($54,429). Not only was it perplexing for Baker to make his auction debut in this sale, but the estimate of £6,000 – 8,000 was down right silly. Often, brokers deliberately set estimates low to build anticipation and generate headline hype when the result expectedly blows past the high estimate. In this case, however, this estimate was so low as to almost suggest it was a misprint. We haven’t seen prices at that level since his 2009 show, The Meaning of Everything. Anyone interested in bidding would’ve needed to be under a rock for the past year to be unaware of the high profile collector support Baker has achieved during that time period. With Damien Hirst and Alberto Mugrabi reportedly buying up almost the entire Stupid Has a New Hero show in New York last year, where prices were still a reasonable £12,000 – 15,000, a meteoric rise in demand and prices played out for his summer London show Everything Must Go, an apt title with everything pre-selling before the opening at prices around five times the Dreweatts estimate. Nevertheless predictable, a “Baker sells for Five Times Estimate” headline was generated.
On the other end of the spectrum, there were many more lots that went unsold. The most high profile of the bunch was Banksy’s Mosquito, the lone canvas from the Bristol street artist included in the auction. With a lofty estimate of £30,000-50,000, it’s really no surprise it didn’t sell strong, let alone achieve its reserve. Bidding ended up reaching £22,000 before buyers called it quits, leaving the work to pass unclaimed. Despite some of the compelling results for editioned canvases at Bohnams Urban Art Sale last month, from which the organizers may have optimistically gauged their estimates, Mosquito has neither the charm nor the social commentary of Banksy’s more iconic works. Clearly, this was reflected in the uninspired bidding and fruitless sale.
Some of the tricky results, which equated to steals for collectors, included a José Parlá watercolor selling for £4,880 ($7,589). While below primary market prices, this is still in line with recent watercolor sales at auction. Additionally, two Barry McGee works went for very reasonable numbers, regardless of neither being the strongest examples ever. A small painting sold for £2,440 ($3,794), less than half the low estimate, whereas a work on paper – albeit an example that resembles one that has gone unsold on eBay before – sold for only £1,037 ($1,613), barely a third of the low estimate. Easily the most surprisingly below estimate sale of the night goes to Nick Walker’s Sweat Revenge. Estimated at £8,000-12,000, the lot only sold for £2,928 ($4,553), barely a third of the low estimate.
Taken as a whole, this sale and the feeble results therein could be discounted with just cause. For one, Dreweatts is simply not in the same class as the other auctions houses. Their reputation has an effect not only on the artwork submitted but the buyer pool attracted, both of which impact the outcome. Blek Le Rat’s Man Who Walks Through Walls is the most glaring example of this being the case. Less than three weeks ago at Bonhams, an example from the same edition of 3 sold for £16,250 ($25,507). This time around, another from the edition sold for £10,980 ($17,075), around a 50% discount. This comparison is a microcosm that effectively conveys the larger story of this auction as a whole.
Additionally, the overall quality, depth, and condition (a few of the unsold Banksy prints could be attributed to them not being pristine) of the artwork on offer left something to be desired. And perhaps in light of some of the recent record results referenced earlier, the estimates were generally a bit too aggressive. Combined, these issues arguably acted as a deterrent to prospective buyers.
In the end, the cumulative impact of all the unsold lots and below estimate sales vastly outweighs that of any of the sold lots, that being . In fact, the debut of Charming Baker at the auction level will easily be the only memorable thing about this sale. Whether anything more can be made of the lack of money supporting this auction, and more specifically whether buyers are beginning to take pause in the wake of the continuous stream of frightening economic news, will only be apparent down the road. At the very least, let’s see how the remainder of the week’s auctions plays out, with Sotheby’s offering quite the arsenal of Banksy sculptures and canvases later this week.
Auction Results
Banksy (British, b.1975)
Donuts Strawberry
silkscreen printed in colours, 2009, signed and numbered 188/299 in pink crayon, published by Pictures On Walls, London, with their blindstamp, on wove paper, with full margins,
560 x 760 mm (22 x 30 in)
Provenance: Pictures On Walls, London
Accompanied by a certificate of authenticity from Pest Control Office
Estimate £3,000-5,000
Sold for £3,172 ($4,933) inclusive of Buyer’s Premium
Shepard Fairey (American, b.1970)
Obey Pole Wood, 2001
Silkscreen on Wood
Signed in pencil lower right and signed and numbered 1/2 in pencil verso
610 x 457 mm (24 x 18 in)
Provenance: Private Collection, USA
Estimate £4,000-6,000
Sold for £3,416 ($5,312) inclusive of Buyer’s Premium
D*Face (British)
Dizzie Rascals, 2005
Silkscreen in colours with paper wrap around on canvas
Signed, dated and inscribed ‘This is number 1/25’ in black ink verso
430 x 830 mm (17 x 32 3/4 in)
Provenance: Stolen Space, London
Estimate £800-1,200
Sold for £1,586 ($2,466) inclusive of Buyer’s Premium
Banksy (British, b.1975)
Trolleys (colour)
silkscreen printed in colours, 2007, signed and numbered 371/750 in pencil, published by Pictures On Walls, London, with their blindstamp on wove paper, with full margins,
560 x 760 mm (22 x 30 in)
Provenance: Pictures On Walls, London
Accompanied by a certificate of authenticity from Pest Control Office
Estimate £3,000-5,000
Sold for £3,660 ($5,692) inclusive of Buyer’s Premium
Shepard Fairey (American, b.1970)
Glen Danzig, 2003
Silkscreen printed in colours on canvas
Signed, dated and numbered 2/2 in pencil lower right
582 x 428 mm (22 3/4 x 16 3/4 in)
Provenance: Private Collector, UK
Estimate £1,000-1,500
Sold for £1,200 ($1,866) inclusive of Buyer’s Premium
Damien Hirst (British, b.1965)
The Souls on Jacob’s Ladder Take Their Flight (Purple Butterfly)
photogravure printed in colours, 2008, signed in pencil, numbered 41/72 verso, printed and published by Paragon Press, London, on wove paper, with full margins, 930 x 850 mm (36 5/8 x 33 1/2 in)
Provenance: Private Collection, UK
Estimate £5,500-6,500
Sold for £5,490 ($8,538) inclusive of Buyer’s Premium
Damien Hirst (British, b.1965)
The Souls on Jacob’s Ladder Take Their Flight (Green Butterfly)
photogravure printed in colours, 2008, signed in pencil, numbered 41/72 verso, printed and published by Paragon Press, London, on wove paper, with full margins, 930 x 850 mm (36 5/8 x 33 1/2 in)
Provenance: Private Collection, UK
Estimate £7,500-8,500
DID NOT SELL
Damien Hirst (British, b.1965)
The Souls on Jacob’s Ladder Take Their Flight (Red Butterfly)
photogravure printed in colours, 2008, signed in pencil, numbered 41/72 verso, printed and published by Paragon Press, London, on wove paper, with full margins, 930 x 850 mm (36 5/8 x 33 1/2 in)
Provenance: Private Collection, UK
Estimate £7,500-8,500
DID NOT SELL
Shepard Fairey (American, b.1970)
Johnny Ramone, 2008
Extensively layered collage and mixed media on card
Signed and dated in black ink lower right and verso
1125 x 750 mm (44 1/4 x 29 1/2 in)
Provenance: Alva Skates Shop & Art Gallery, Los Angeles
Estimate £6,000-8,000
Sold for £8,540 ($13,280) inclusive of Buyer’s Premium
Banksy (British, b.1975)
Bomb Hugger
silkscreen printed in colours, 2004, signed and dated in black ink, numbered 94/150, published by Pictures On Walls, London, on wove paper, with full margins sheet 695 x 500 mm (27 1/4 x 19 3/4 in)
Provenance: Pictures On Walls, London
Accompanied by a certificate of authenticity from Pest Control Office
Estimate £5,000-7,000
DID NOT SELL
Sweet Toof (British)
The Duchess, 2011
Oil and glitter on canvas
Inscribed in pencil lower right and signed in red ink verso
610 mm diameter (24 in)
Provenance: Private Collection, UK
Estimate £2,000-3,000
Sold for £2,196 ($3,415) inclusive of Buyer’s Premium
D*Face (British)
PoP Tart, 2007
Silkscreen printed in a unique combination of colours on perspex
One of six colour varients
760 x 740 mm (30 x 29 1/4 in)
Provenance: Black Rat Press, London
Accompanied by a certificate of authenticity from Black Rat Press, London
Estimate £4,000-6,000
Sold for £4,270 ($6,640) inclusive of Buyer’s Premium
Mr Brainwash (French, b.1966)
Obama Marilyn, 2008
Acrylic and silkscreen on canvas Signed, titled and numbered 3/3 in pencil verso
737 x 520mm (29 x 20.5 in)
Provenance: Life is Beautiful Exhibition, CBS Studios Los Angeles, 2008
Accompanied by a certificate of authenticity from Mr Brainwash
Estimate £8,000-12,000
DID NOT SELL
Speedy Graphito (French, b.1961)
Mario Street, 2011
Acrylic on canvas
Signed, dated and titled in black ink verso
1000 x 1000 mm (39 1/2 x 39 1/2 in)
Provenance: Private collection, France
Estimate £10,000-12,000
Sold for £15,860 ($24,664) inclusive of Buyer’s Premium
Banksy (British, b.1975)
Formica Flag – Gold
silkscreen in colours on metal, 2008, inscribed artist’s signature and numbered 18 by hand lower right, from an edition of 23,
500 x 700 mm (19 3/4 x 27 1/2 in)
Provenance: Lazarides Gallery, 2008
Accompanied by a certificate of authenticity from Pest Control Office
Estimate £8,000-12,000
DID NOT SELL
Banksy (British, b.1975)
Formica Flag – Silver
silkscreen in colours on metal, 2008, inscribed signature and numbered 18 by artist’s hand lower right, from an edition of 23,
500 x 700 mm (19 3/4 x 27 1/2 in)
Provenance: Lazarides Gallery, 2008
Accompanied by a certificate of authenticity from Pest Control Office
Estimate £8,000-12,000
Sold for £7,320 ($11,383) inclusive of Buyer’s Premium
Blek Le Rat (French, b.1951)
The Man Who Walks Through Walls, 2007
Spray paint on canvas
Signed and dated in black ink lower right and numbered 3/3 verso
2000 x 1340mm (78 3/4 x 52 3/4 in)
Provenance: Leonard Street Gallery, London
Accompanied by a certificate of authenticity from Leonard Street Gallery, London
Estimate £6,000-8,000
Sold for £10,980 ($17,075) inclusive of Buyer’s Premium
Skullphone (American)
Untitled (Green Skull), 2005
Spray paint and acrylic on wood
Signed and dated in black ink verso
810 x 610 mm (32 x 24 in)
Provenance: Small Bills Gallery, Los Angeles
Estimate £1,800-2,000
Sold for £610 ($949) inclusive of Buyer’s Premium
Phil Frost (American, b.1973)
Untitled, 2009 (2 works)
Acrylic, spray paint and correction fluid on arches watercolour paper
760 x 560 mm (30 x 22 in)
Provenance: Jonathan Levine Gallery, New York
Both works are accompanied by a certificate of authenticity from Jonathan Levine Gallery, New York
Estimate £2,000-3,000
Sold £3,050 ($4,743) inclusive of Buyer’s Premium
Jose Parla (American, 1973)
Too Far Gone, 2007
Watercolour and mixed media on paper
Signed in pencil lower right
1100 x 762 mm (43 1/4 x 30 in)
Provenance: Elms Lesters Gallery, London
Accompanied by a certificate of authenticity from Elms Lesters Gallery, London
Estimate £4,000-6,000
Sold for £4,880 ($7,589) inclusive of Buyer’s Premium
Faile (American) and Bast (American)
Bunny Boy Box, 2005
Spray paint, silkscreen, acrylic and collage on a six sided vintage wooden box
370 x 390 x 310 mm (14 1/2 x 15 1/4 x 12 1/4)
Provenance: Private Collection, UK
Estimate £1,500-2,000
DID NOT SELL
Seen (American, b.1961)
Untitled, 2008
Spraypaint on canvas
Signed and dated in pencil verso
915 x 610 mm (36 x 24 in)
Provenance: Acquired by the current owner directly from the artist
Estimate £1,500-2,000
Sold for £2,196 ($3,415) inclusive of Buyer’s Premium
David Choe (American, b.1976)
Christmas Islands, 2007
Oil and mixed media on found wood
535 x 458 mm (21 x 18 in)
Provenance: CampBarbossa, London
Accompanied by a certificate of authenticity from CampBarbossa
Estimate £1,000-1,500
Sold for £1,342 ($2,087) inclusive of Buyer’s Premium
JR (French, b.1983)
Adama, Montfermeil, Portrait d’Une generation, 2006
Photographic wheatpaste on found wood
Signed, titled and dated in red ink verso
700 x 650 mm (27 1/2 x 25 1/2 in)
Provenance: Alice Gallery, Brussels
Accompanied by a letter from Alice Gallery pertaining to its authenticity
Estimate £8,000-12,000
Sold for £9,760 ($15,178) inclusive of Buyer’s Premium
Nick Walker
Sweet Revenge, 2008
Spray paint on canvas
Signed, dated and numbered 1/3 in black ink verso
1040 x 840 mm (41 x 35 in)
Provenance: Carmichael Gallery, Los Angeles
Accompanied by a certificate of authenticity from Carmichael Gallery, Los Angeles
Estimate £8,000-12,000
Sold for £2,928 ($4,553) inclusive of Buyer’s Premium
Banksy (British, b.1975)
Flying Copper
silkscreen printed in colours, 2004, signed and dated in pencil, numbered 12/150, published by Pictures On Walls, London, on wove paper, with full margins
1000 x 70 mm (39 1/2 x 27 1/2 in)
Provenance: Pictures On Walls, London
Accompanied by a certificate of authenticity from Pest Control Office
Estimate £5,000-7,000
DID NOT SELL
Lot 69
Shepard Fairey (American, b.1970)
Supply and Demand Black, 2007, silkscreen on metal, 2007, inscribed with artist signature lower right, from an edition of 2
610 x 457 mm (24 x 17 3/4 in)
Provenance: White Walls Gallery, San Francisco
Estimate £2,000-3,000
Sold for £1,586 ($2,466) inclusive of Buyer’s Premium
Dave White (British, b.1971)
Don’t Make Me Angry, 2007
Acrylic and mixed media on canvas
Signed, titled and dated in pink ink verso
760 x 760 mm (30 x 30 in)
Provenance: Opus Gallery, Newcastle-Upon-Tyne
Estimate £6,000-8,000
DID NOT SELL
Banksy (British, b.1975)
Mosquito, 2003
Spray paint and emulsion on canvas
Numbered 5 of 25 in black ink verso
300 x 250 mm (12 1/4 x 10 in)
Accompanied by a certificate of authenticity from Pest Control Office
Estimate £30,000-50,000
DID NOT SELL
Russel Young (British, b.1960)
Elvis TCB (Taking Care Of Business) Guns, 2011
Acrylic, silkscreen and diamond dust on canvas
Signed, dated, titled and Inscribed ‘California Fall White Crash Red’ in black ball point pen verso
1575 x1220 mm (62 x 48 in)
Provenance: Private Collection, USA
Estimate £12,000-15,000
DID NOT SELL
Barry McGee (American, b.1966)
Untitled (brown head), 1999
Mixed media on wall board
286 x 267 mm (11 1/4 x 10 1/2 in)
Provenance: Roberts and Tilton Gallery, Los Angeles
Accompanied by a certificate of authenticity from Roberts and Tilton Gallery, Los Angeles
Estimate £5,000-7,000
Sold for £2,440 ($3,794) inclusive of Buyer’s Premium
Barry McGee
Untitled (fong head), 2007
Acrylic on paper
280 x 216 mm (11 x 8.5 in)
Provenance: Giant Robot, Los Angeles
Accompanied by a copy of a letter of authenticity from Giant Robot, Los Angeles
Estimate £2,500-3,500
Sold for £1,037 ($1,613) inclusive of Buyer’s Premium
Russell Young (British, b.1960)
Reach Out and Touch Faith (Marilyn)
acrylic screenprint with diamond dust, 2011, signed, titled and dated in pencil verso,
1600 x 1199 mm (63 x 47 1/4 in)
Provenance: Private Collection, USA
Estimate £18,000-22,000
DID NOT SELL
Charming Baker (British, b.1964)
Panda Boy Remix, 2007
Oil on linen on wood
Signed and dated in red paint verso
1220 x 1220 mm (48 x 48 in)
Provenance: Opus Underground, Newcastle-Upon-Tyne
Accompanied by a certificate of authenticity from Opus Underground, Newcastle-Upon-Tyne
Estimate £6,000-8,000
Sold for £42,700 ($66,403) inclusive of Buyer’s Premium
Auction results and images via Dreweatts
